Let us take a quick look at the monthly Timeframe for this analysis.
You will observe the trendline drawn across the price highs showing a downward slope. Price has always dropped anytime it gets to this trendline and never for once has it been broken. A bearish candle formed off this trendline last month and this month price closed below last months closing price.
That being said, let us take a look at the weekly chart.
A bearish engulfing candle formed right off the trend gotten from the monthly timeframe which by the way has never been broken.
I look at price selling to as far as 1.07 if it breaks below 1.162.
So here are my projections.
EURUSD SELL
STOP LOSS - 1.19
TAKE PROFIT 1 - 1.15
TAKE PROFIT 2 - 1.12
TAKE PROFIT 3 - 1.07
You will observe the trendline drawn across the price highs showing a downward slope. Price has always dropped anytime it gets to this trendline and never for once has it been broken. A bearish candle formed off this trendline last month and this month price closed below last months closing price.
That being said, let us take a look at the weekly chart.
A bearish engulfing candle formed right off the trend gotten from the monthly timeframe which by the way has never been broken.
I look at price selling to as far as 1.07 if it breaks below 1.162.
So here are my projections.
EURUSD SELL
STOP LOSS - 1.19
TAKE PROFIT 1 - 1.15
TAKE PROFIT 2 - 1.12
TAKE PROFIT 3 - 1.07